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B Com Exam  >  B Com   >  Accountancy and Financial Management  >  Flashcards: Accounting as a Measurement Discipline – Valuation Principles, Acc. Estimates
Accounting as a Measurement Discipline – Valuation Principles, Acc. Estimates
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Flashcards: Accounting as a Measurement Discipline – Valuation Principles, Acc. Estimates

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Terms in this set

What three fundamental elements are essential for the measurement discipline in accounting?
Identification of objects and events, selection of a standard or scale, and evaluation of dimensions.
Fill in the blank: Measurement in accounting involves quantifying transactions primarily in ___ terms.
Monetary
True or False: Money as a measurement scale is universally applicable across all national boundaries.
False. Money varies according to the currency of each country, and exchange rates fluctuate.
What is the importance of stability in a measurement scale over time, particularly in accounting?
An ideal measurement scale should remain consistent over time to ensure comparability and accuracy in financial reporting.
Fill in the blank: The historical cost of an asset is recorded at the amount of ___ paid at the time of purchase.
Cash or cash equivalent
What are the four measurement bases discussed in accounting, and how do they differ from historical cost?
Four measurement bases differ from historical cost. Current cost reflects market value. Realizable value estimates cash potential. Present value calculates future cash flows.
Fill in the blank: A company must estimate the useful life of an asset for ___ purposes.
Depreciation
What is the present value of future cash inflows, and why is it significant in accounting?
It reflects the current worth of future cash flows expected from an asset's use, crucial for investment and loan valuations.
True or False: Accounting is solely about measurement without consideration of recording and summarizing data.
False. Accounting also involves recording, classifying, and summarizing data to generate useful financial information.
Explain how estimates play a role in measuring assets and liabilities in accounting.
Estimates are necessary for uncertain future events and for determining factors like depreciation, bad debts, and provisions.
Fill in the blank: The cash amount obtainable through a proper sale of an asset is referred to as its ___ value.
Realizable
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